Common use of DEFAULT IN PAYMENT OF EXPENSES Clause in Contracts

DEFAULT IN PAYMENT OF EXPENSES. In addition to and not in derogation of the other provisions of this Assignment if the Assignor shall fail or refuse to pay any insurance premia, legal fees, stamp duty, governmental or statutory levies and taxes, and other costs, charges, disbursements and expenses which the Assignor is liable to pay under the provisions of this Assignment, the Bank may at its discretion pay the same (but shall not be under any obligation to do so) and if such payment is made by the Bank, the Assignor shall forthwith on demand repay the same to the Bank together with interest thereon at the rate per annum of the prevailing prime lending rate of the Bank plus four percent (4%) or such other rate(s) as may be prescribed by the Bank from time to time (with such periodic rests as the Bank may decide), calculated from the date of payment thereof by the Bank up to the date of repayment by the Assignor and until repayment, shall be a charge on the Assigned Property in addition to the other moneys hereby secured.